A direct conversion modulator-demodulator with even harmonic mixers with emphasis on noise analysis is presented. The circuits consist of even harmonic mixers (EHMs) realized with antiparallel diode pairs (APDPs). We evaluate the different levels of I/Q imbalances and DC offsets and use signal space concepts to analyze the bit error rate (BER) of the proposed transceiver using M-ary QAM schemes. Moreover, the simultaneous analysis of the signal and noise has been presented.